Foreclosure could claim more than 1 million homes in 2010

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investorzzo
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Foreclosure could claim more than 1 million homes in 2010

LOS ANGELES — More than 1 million U.S. households could lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans, according to RealtyTrac, a foreclosure tracking service.
Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac says.

"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.

Historically, lenders have taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

http://www.usatoday.com/money/economy/housing/2010-07-15-foreclosures_N....

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